Whatever I set my default file location to,
ALL files, regardles of type, size,
Excel attempts to open them when
Excel starts.

I end up using Task Manager to
shut down Excel, rename the
directory I had listed as Default
File Location, and restart Excel,
which now lists
F:\Documents and Settings\....\My Documents\
as the Default File Location.
Fortunately that folder has no
files of any kind.
This is very wierd behaviour,
and I can't set where this option is
being set in Excel.